Top Cryptocurrencies to Monitor This Week

14 views 12:16 pm 0 Comments May 20, 2024

The cryptocurrency market experienced a minor downturn during the weekend, resulting in the global market cap decreasing to $2.48 trillion. This adjustment might be attributed to the elevated inflation rates in the US and the escalating tensions between Iran and Israel on a global scale.

Nevertheless, there is a possibility of a market recovery, especially with the upcoming halving of Bitcoin (BTC) on the horizon. Here are three cryptocurrencies worth monitoring this week.

Top 3 cryptocurrencies for the week ahead

Bitcoin (BTC):

Bitcoin (BTC) Pre-Halving $100,000 Dream Under Threat: Here’s WhyBitcoin (BTC) Pre-Halving $100,000 Dream Under Threat: Here’s Why

Bitcoin (BTC) stands as the dominant player in the market, with other assets mirroring its performance. BTC has experienced a 6.2% decline in the weekly charts, with its price hovering slightly above \(65k. The imminent halving cycle for BTC is expected later this month. Halvings are generally viewed as positive events as they reduce the asset’s supply. There is a likelihood that BTC will bounce back from its current downturn and reclaim its peak value of \)73,737, achieved in March this year.

Also Read: Top 3 Cryptocurrencies That Could Reach Record Highs in Q2 2024

Moreover, if the inflationary pressures in the US ease, we may witness further price appreciation. The recent conflict between Iran and Israel has added strain to the global economic landscape. Should this conflict de-escalate, the markets could recuperate at a quicker pace.

Toncoin (TON):

ToncoinToncoinSource: Twitter

While several assets experienced a price correction, TON continued its upward trajectory. The cryptocurrency has surged by 16.4% in the daily charts and nearly 31% in the weekly charts. TON has surpassed Dogecoin (DOGE) to become the 9th largest cryptocurrency by market capitalization.

Also Read: Top 3 US Stocks to Keep an Eye on in April 2024

Source: CoinGecko

TON’s recent surge could be attributed to favorable ecosystem developments. The asset is poised to maintain its upward momentum in the coming weeks, particularly with BTC’s halving event approaching.

dogwifhat (WIF):

dogwifhat wif cryptocurrency meme coindogwifhat wif cryptocurrency meme coinSource – Decrypt

WIF has also experienced a significant surge in the last 24 hours. This popular memecoin has seen a 14.3% increase in the daily charts and a 20.2% rise over the past month. However, WIF has declined by 17.8% in the weekly charts and over 30% in the 14-day charts.

Source: CoinGecko

According to CoinCodex, WIF is anticipated to continue its rally in the coming weeks, reaching $5.48 by May 1, 2024.